A growing number of Americans are turning to credit counseling agencies for help managing their debt, with millennials leading the charge. The need for financial assistance surged last year, driven by rising housing costs, monthly expenses, and average debt loads. Millennials, aged 21-30, constituted the largest generational group seeking counseling, facing financial hardships due to excessive credit card use. Experts attribute this trend to younger adults' lower earnings, savings, and earlier stages in their careers.
More Americans sought help with their mounting debt last year, according to one of the country's largest nonprofit credit counseling agencies.And the growing need for financial counseling was driven by young adults.Millennials accounted for 43% of all clients seeking counseling, making them the largest generational group. They were followed by Gen X at 30%.
Housing costs are up, monthly expenses are up, and the average debt load is up significantly, Nitzsche said. In 2024, 47% of millennial clients reported facing financial hardships due to excessive credit card use, higher than older generations.
DEBT MILLENNIALS FINANCIAL COUNSELING CREDIT CARDS CONSUMER FINANCE
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